What's Your Niche Marketing Strategy?

A market niche attempts to address a specific market need. Niche Marketing is the act of focusing all of your marketing efforts on a small but specific and well-defined segment of the market.

5 Steps to a Sound Strategy:

Determine market need.

Be specific. What is the market need? Is it a new niche or a currently underserved market?

Understand your competition.

Who do you compete with day-to-day? Understand that there are differences between competitors. You can compete with large players, those that are just l ike you or those that are close substitutes. Define your competitors carefu lly.

You cannot be everything to everyone. You need to be specific which requires focus. Then, research your target market. Listen to and observe them. What do they do online? Where do they go? How do they engage? How do they consume content? Understand their behaviors so you can craft accurate personas.

Define the specific target market and conduct research.

Execute your plan. Always be in the mode of refining your strategy.

Launch, Test and Adjust.

As you are doing your SWOT analysis, look for how you can differentiate yourself. Where does your uniqueness intersect with your target market? This is your strategy. Narrow your focus to those activities that align well with your uniqueness and will resonate with your target market. Remember to start small . Niche Marketing takes time.

Differentiate yourself via running a SWOT analysis.

Benefits of Niche Marketing:

Niche players can be more agile than their

enterprise counterparts and can adapt to marketplace changes more quickly.

Niche markets are less crowded so niche

players have more opportunties to stand

out as a thought leader.

Niche players have the ability to connect with their target markets

quicker and provide the content they want.

Since niche players double-down on

research, they can hone in on other

opportunities others might not be aware of.

Because niche players are continuously refining

through research and testing, they can move

prospects down the funnel much faster.

Through refining their marketing activities, niche marketers can

become very skilled at nurturing their

communities.

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